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Blockchain technology in international business: changing the agenda for global governance

Amanda Hooper (Department of International Management, School of Business, Economics and Society, University of Erlangen-Nürnberg, Nürnberg, Germany)
Dirk Holtbrügge (Department of International Management, School of Business, Economics and Society, University of Erlangen-Nürnberg, Nürnberg, Germany)

Review of International Business and Strategy

ISSN: 2059-6014

Article publication date: 6 April 2020

Issue publication date: 23 June 2020

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946

Abstract

Purpose

Blockchain technology has extended beyond the border of cryptocurrency and taken hold in various areas of international business. This study aims to analyze the impacts of blockchain on international business and the resulting challenges and implications for global governance.

Design/methodology/approach

The analysis of multiple blockchain applications in international finance, banking and insurance, supply chain management and logistics and marketing and advertising shows that the use of blockchain in international business has different impacts on global governance.

Findings

Although the protection of property rights can be improved and transaction costs can be reduced, the effects on other functions of global governance are more ambivalent.

Research limitations/implications

As a recommendation for future studies, the need for more multidisciplinary and empirical research is proposed.

Practical implications

As the technology disrupts business activities, it also affects the governance of these activities on a global scale. Suggestions for the future regulation of blockchain applications in international business are developed.

Originality/value

Blockchain technology has extended beyond the border of cryptocurrency and taken hold in various areas of international business. This study aims to analyze the impacts of blockchain on international business and the resulting challenges and implications for global governance. The application of blockchain technology in international business across multiple industries is explored in order to draw conclusions about its impacts on global governance. It is determined that blockchain brings about both challenges and benefits for global governance.

Keywords

Acknowledgements

This paper forms part of a special section “Blockchain and the Multinational Enterprise”, guest edited by Rui Torres de Oliveira, Marta Indulska and Tatiana Zalan.

Citation

Hooper, A. and Holtbrügge, D. (2020), "Blockchain technology in international business: changing the agenda for global governance", Review of International Business and Strategy, Vol. 30 No. 2, pp. 183-200. https://doi.org/10.1108/RIBS-06-2019-0078

Publisher

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Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited